Core Viewpoint - The National Financial Supervision Administration has approved the dissolution of the marketing service department of China Life Insurance Co., Ltd. in Shizhu Tujia Autonomous County, indicating regulatory oversight in the insurance sector [1] Group 1 - The approval for the dissolution of the marketing service department was formally issued on November 18, 2025 [1] - China Life Insurance Co., Ltd. is required to cease all business activities immediately following the approval [1] - The company must return its operating license to the Qianjiang Financial Regulatory Bureau within 15 working days and complete relevant legal procedures [1]

Core Viewpoint - China Life Insurance's stock price has experienced fluctuations, with a current decline of 2.03% and a year-to-date increase of 5.50% [1][2] Financial Performance - As of September 30, 2025, China Life reported a net profit of 167.80 billion yuan, representing a year-on-year growth of 60.54% [2] - The company has distributed a total of 226.34 billion yuan in dividends since its A-share listing, with 51.10 billion yuan in dividends over the past three years [2] Stock Market Activity - The stock price is currently at 43.50 yuan per share, with a market capitalization of 1,229.51 billion yuan [1] - The trading volume shows a net outflow of 21.67 million yuan from main funds, with significant selling pressure observed [1] Shareholder Structure - As of September 30, 2025, the number of shareholders increased by 15.32% to 119,700, while the average number of circulating shares per person decreased by 16.86% [2] - Major shareholders include China Securities Finance Corporation, holding 708 million shares, and various ETFs with reduced holdings [2]

Key Points - The top three companies with net inflows of southbound funds are Alibaba-W (09988) with 3.296 billion, XPeng Motors-W (09868) with 1.147 billion, and Xiaomi Group-W (01810) with 0.853 billion [1][2] - The top three companies with net outflows of southbound funds are Yingfu Fund (02800) with -0.559 billion, China Life (02628) with -0.427 billion, and China National Offshore Oil Corporation (00883) with -0.368 billion [1][2] - In terms of net inflow ratio, ICBC South China (03167) leads with 100.00%, followed by Xiaocai Garden (00999) with 74.08%, and Qingdao Bank (03866) with 67.42% [1][3] - The companies with the highest net outflow ratios include Q Tech (01478) at -58.31%, China National Heavy Duty Truck Group (03808) at -53.04%, and Nexperia (01316) at -43.99% [1][4] Net Inflow Rankings - Alibaba-W (09988) had a net inflow of 3.296 billion, representing a 20.59% increase in its closing price to 154.600 [2] - XPeng Motors-W (09868) saw a net inflow of 1.147 billion, with a 25.58% increase in its closing price to 85.950 [2] - Xiaomi Group-W (01810) experienced a net inflow of 0.853 billion, with a 9.75% increase in its closing price to 40.780 [2] Net Outflow Rankings - Yingfu Fund (02800) had a net outflow of -0.559 billion, with a -4.24% change in its closing price to 26.060 [2] - China Life (02628) experienced a net outflow of -0.427 billion, with a -23.81% change in its closing price to 26.140 [2] - China National Offshore Oil Corporation (00883) had a net outflow of -0.368 billion, with a -14.88% change in its closing price to 21.800 [2]

Core Viewpoint - The "2025 China Insurance Industry Ark Award" winners were announced during the "19th Shenzhen International Financial Expo and 2025 China Financial Institutions Annual Conference," highlighting excellence in various categories within the insurance sector [1]. Award Categories and Winners High-Quality Development Insurance Companies - China Life Insurance Co., Ltd. - People's Insurance Company of China Group - Ping An Property & Casualty Insurance Co., Ltd. - New China Life Insurance Co., Ltd. [3] Value Growth Insurance Companies - Allianz Life Insurance Co., Ltd. - China Dadi Property Insurance Co., Ltd. - Dajia Life Insurance Co., Ltd. [3] Gold Medal Insurance Services - Taiping Life Insurance Co., Ltd. - Taikang Pension Insurance Co., Ltd. [3] Gold Medal Insurance Products - Blue Medical Long-term Medical Insurance (Good Medicine and Good Medicine Version) by Pacific Insurance Co., Ltd. - Health Appointment by Taikang Life Insurance Co., Ltd. - Yue Health No. 1 Mid-end Medical Insurance by Taikang Life Insurance Co., Ltd. - All Medical Insurance (Internet) by China Merchants Sincere Life Insurance Co., Ltd. - Changying Life Annuity Insurance (Smart Version) by Fude Life Insurance Co., Ltd. [4] High-Quality Development Insurance Asset Management Companies - China Life Asset Management Co., Ltd. - Taikang Asset Management Co., Ltd. - Pacific Asset Management Co., Ltd. [5] Gold Medal Risk Control in Insurance Asset Management - China Re Asset Management Co., Ltd. [8] Gold Medal Insurance Investment Teams - Fixed Income Department of Pacific Asset Management Co., Ltd. - Asset Management Team of New China Asset Management Co., Ltd. [8] Innovative Insurance Asset Management Products - Bay Drama Fund by China Life Asset Management Co., Ltd. - Modern Industry Fund by China Re Capital Insurance Asset Management Co., Ltd. [9] Insurance Funds Supporting Real Economy Innovation - Various funds and projects aimed at supporting innovation in the real economy, including the Great Health Fund and Longjiang Electric Power Project by Ping An Asset Management Co., Ltd. [11] Insurance Industry Innovation Awards - Road Natural Disaster Risk Analysis and Management Platform by Tai Ping Reinsurance (China) Co., Ltd. [12] Social Responsibility in Insurance - Awards given to companies like China Life Property Insurance Co., Ltd. and Sunshine Insurance Group Co., Ltd. for their contributions to social responsibility [13]. Green Finance Practices - Projects focused on green insurance statistics and ESG risk assessment by People's Insurance Group of China [14]. Digital Financial Practices - Internet Digital Claims Ecosystem Platform by China People's Health Insurance Co., Ltd. [16].

Core Insights - The article highlights the top and bottom AH share premium rates as of November 20, with Northeast Electric (00042) leading at 847.37% and Ningde Times (03750) at -3.01% [1][2] Premium Rate Rankings - The top three AH share premium rates are: - Northeast Electric (00042): 847.37% - Zhejiang Shibao (01057): 283.92% - Hongye Futures (03678): 283.88% [2] - The bottom three AH share premium rates are: - Ningde Times (03750): -3.01% - China Merchants Bank (03968): -0.06% - WuXi AppTec (02359): 4.92% [2] Deviation Value Rankings - The highest deviation values are: - Beijing Jingdian (00187): 45.70% - Zhejiang Shibao (01057): 37.82% - Sinopec Oilfield Service (01033): 32.35% [1][2] - The lowest deviation values are: - China Eastern Airlines (00670): -13.61% - Ganfeng Lithium (01772): -12.40% - China Life (02628): -11.44% [1][3]

Core Points - The Zhoushan branch of China Life Insurance Co., Ltd. has been penalized for employing unqualified personal agents and failing to prevent illegal activities by these agents [1][2] - The regulatory authority issued a warning and imposed a fine of 20,000 yuan on the Zhoushan branch, while individual agents received varying penalties [1][2] Summary by Category Company Actions - China Life Insurance Co., Ltd. Zhoushan branch was found to have entrusted unqualified personal agents [1][2] - The company failed to effectively prevent these agents from engaging in illegal activities [1][2] Regulatory Response - The Zhoushan branch received a warning and a fine of 20,000 yuan from the National Financial Supervision and Administration Bureau [1][2] - Individual agents involved faced penalties: Ye Yang and Wu Daijun received warnings and fines of 10,000 yuan each, while Pan Yi was banned for life from the insurance industry [1][2]

Core Insights - The insurance companies' investment yield has increased, with total investment funds surpassing 37 trillion yuan for the first time, driven by a significant rise in stock investments and a focus on banking, energy, and transportation sectors [1][6][7]. Investment Performance - The average annualized financial investment yield for life insurance companies reached nearly 5%, with a median exceeding 4.7%, marking an increase of approximately 1 percentage point compared to the previous year [3][6]. - The total investment funds of insurance companies exceeded 37 trillion yuan, with life insurance companies managing over 33.5 trillion yuan and property insurance companies nearly 2.4 trillion yuan [6][8]. - Equity investments accounted for 23.4% of total funds, reaching a recent high of over 8.4 trillion yuan [4][6]. Stock Investment Trends - Direct stock investments surged over 55%, with the amount reaching 3.6 trillion yuan, an increase of approximately 1.3 trillion yuan year-on-year [8][10]. - The growth in stock investments is attributed to regulatory measures encouraging long-term capital market participation [10][12]. Sector Preferences - Insurance funds are heavily invested in banking, energy, transportation, and telecommunications sectors, with banking remaining the top sector, accounting for about 50% of total investments [15][20]. - By the end of Q3 2025, the market value of bank stocks held by insurance companies exceeded 3.35 trillion yuan, reflecting an increase of nearly 700 billion yuan since the beginning of the year [20][22]. Major Holdings - Companies like Ping An and China Life have increased their stakes in Agricultural Bank and Industrial and Commercial Bank, respectively, indicating a continued preference for stable, high-dividend stocks [17][23]. - The investment strategy focuses on long-term stable dividend income, particularly in industries with solid profitability [15][16].

Group 1 - The A-share market showed mixed performance with the Shanghai Composite Index down 0.04% and the Shenzhen Component Index down 0.32%, while the ChiNext Index rose by 0.12% as of the morning close on November 19 [1] - The market saw a significant trading volume exceeding 1.11 trillion yuan, indicating active trading [1] - The insurance sector experienced a notable increase, with China Life Insurance rising over 3%, and the banking sector also strengthened, highlighted by China Bank's 2.77% increase, reaching a historical high [1] Group 2 - Longjiang Securities noted that since the fourth quarter, bank stocks have regained upward momentum, with state-owned bank indices reaching new highs, reflecting ongoing accumulation by institutional investors [1] - The report emphasized that the market's short-term style factors and trading funds have not altered the systemic revaluation direction of bank stocks, suggesting that each adjustment provides an opportunity for accumulation [1] - Longjiang Securities also indicated that large state-owned banks are being strategically allocated with a focus on bond-like thinking and replacing non-standard assets, showing a more lenient tolerance for short-term dividend yields and performance growth compared to market expectations [2]

二、中国人寿保险股份有限公司运城分公司应按照有关规定及时办理变更及许可证换领事宜。 2025年11月12日，国家金融监督管理总局运城监管分局发布批复称，《中国人寿（601628）保险股份有 限公司运城分公司关于芮城县支公司西陌镇营销服务部变更营业场所的请示》（国寿人险运发〔2025〕 255号）收悉。经审核，现批复如下： 一、同意中国人寿保险股份有限公司运城分公司芮城县支公司西陌镇营销服务部将营业场所变更为：山 西省运城市芮城县西陌镇西陌村东街刘胡萍临街门面房两间1层。 ...

一、同意中国人寿保险股份有限公司运城分公司芮城县支公司东垆乡营销服务部将营业场所变更为：山 西省运城市芮城县东垆乡南曹集镇南北街吴铁红临街门面房1层。 二、中国人寿保险股份有限公司运城分公司应按照有关规定及时办理变更及许可证换领事宜。 2025年11月12日，国家金融监督管理总局运城监管分局发布批复称，《中国人寿（601628）保险股份有 限公司运城分公司关于芮城县支公司东垆乡营销服务部变更营业场所的请示》（国寿人险运发〔2025〕 256号）收悉。经审核，现批复如下： ...